Crypto scams in Australia seem to be on the rise year by year since in 2018 they surged up to 190 percent and scammers were paid up to 700 times. The latest cryptocurrency news shows that crypto enthusiasts had it rough in 2018 with the changing market conditions and the rise of scammers in the country.
The data from the Australian Competition and Consumer Commission (ACCC) shows that the use of crypto scams increased tremendously over the year. The losses reached a sum of $6.1 million versus the $2.1 million reported in 2017. The use of cryptocurrencies and other methods increased the need of anti-scam measures by the financial institutions. Delia Rickard from the ACCC pointed out:
‘’Scammers increasingly ask for money via iTunes cards, Google Play cards, and cryptocurrencies to avoid the anti-scam measures employed by banks and money laundering detection systems.’’
When Bitcoin and other cryptocurrencies recorded their all-time highs in late 2017, crypto scams after the large investments also increased dramatically. The ACCC’s scam reporting platform-Scamwatach, explains that many so-called investors were enticed by the overall crypto hype. However, when investors tried to cash out, the scammers were no longer available and contactable.
Besides investing in crypto scams, fraudsters urge their victims to pay in cryptocurrency when they are investing in other opportunities. This includes forex trading and commodities. This way, Australians lost nearly $2.7 million. The ACCC report shows that 50 percent of the losses occurred while paying in crypto to fraudsters who most of them were men from 25-34 years old. According to the altcoin news, the studies show that globally men are the most likely to perform fraud since they are more crypto-literate.
In about 75 percent of the crypto scams, victims report that they get contacted through the internet, mainly email. The fraudsters also use other methods via social networking sites or forums. Australia has seen a significant increase in the number of scams via cryptocurrencies. However, the amount lost in fiat currency surpasses the one of crypto by a huge percent. The total amount of fiat losses reach up to $489 million while crypto takes up only 1.25 percent of the losses.
Dutch Crypto Scammer Steals $2.2M In BTC Mining Fraud
Firefox Quantum Browser Adopts New Anti Cryptojacking Features
"Today’s new Firefox release continues to bring fast and private together right at the crossroads of performance and security. It includes improvements that continue to keep Firefox fast while giving you more control and assurance through new features that your personal information is safe while you’re online with us," the Firefox Quantum release notes.Previously, Mozilla warned its audience that websites can deploy scripts that may launch a crypto miner on any user's machine - even without them being aware. This practice is known as cryptojacking in the world of cryptocurrency. In order to combat these practices, the Firefox Quantum was developed as a product of partnership between Mozilla and the online privacy company Disconnect. The crypto mining blocker was created to block people on their browser. As of now, users can toggle an opt-in feature that would block would-be cryptojackers from taking advantage of spare computing power and mining cryptocurrencies. Users can take a look and see how much faster Firefox is today at the following video, which went viral on many best cryptocurrency news sites because of the anti-cryptojacking features. https://www.youtube.com/watch?v=NzqJ09_cn28 In August 2018, Firefox featured cryptojacking protection - to later update them in its Nightly 68 and Beta 67 versions which emerged this April, just before the launch of the Firefox Quantum browser. The open-source Quantum also aims to mitigate the practices of so-called "fingerprinting" which makes a sort of a digital fingerprint of a user that is employed in order to monitor their activities on the Internet. In another report published in the altcoin news on April 23 by the cybersecurity company MalwareBytes, cryptojacking was called "essentially extinct" and:
“Marked by the popular drive-by mining company CoinHive shutting down operations in early March, consumer cryptomining seems to have gone the way of the dodo. Detections of consumer-focused bitcoin miners have dropped significantly over the last year and even from last quarter, while business-focused miners have increased from the previous quarter, especially in the APAC region.”So, the steps that Mozilla took in its Firefox Quantum definitely ramp up the browsing experience from a crypto perspective.
Crypto And Forex Scams Got Away With $34 Million In 2018: UK Report
“Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal.”The report is a viral topic in the latest cryptocurrency news - mostly because the FCA stated that scammers use social media to find potential investors. According to the regulator, crypto and forex scams like these often use pictures of celebrities with fake endorsements alongside images of luxury goods such as cars and watches. In 2018, the initial coin offering (ICOs) advisory firm Statis Group released a study in which it found that more than 80% of ICOs in 2017 were scams. The associated losses for that year, as the study showed, totaled around $1.34 billion. In the latest altcoin news, we can also see that new evidence surfaced, suggesting that purported Bitcoin (BTC) exchange Goxtrade is a Bitcoin scam. As the evidence shows, Goxtrade reportedly used the real names and photos of unaffiliated parties including the blockchain figure Amber Baldet to fill their website staff page and its absent from the UK's registry of companies and businesses. All in all, the number of crypto and forex scams is increasing and there must be certain regulation to prevent these billions which are lost on a yearly basis.
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